Tag Archives: Ethereum

Kim Kardashian Fined $1.26 Mil For Promoting Crypto!

Kim Kardashian Fined $1.26 Mil For Promoting Crypto!

Kim Kardashian just agreed to pay a $1.26 million fine for promoting cryptocurrency on Instagram! Here is what you need to know…

 

Kim Kardashian Fined $1.26 Million For Promoting Crypto!

On Monday, October 3, 2022, Kim Kardashian agreed to pay a $1.26 million fine for promoting the cryptocurrency, EthereumMax (not to be confused with Ethereum) on Instagram.

The Securities and Exchange Commission (SEC) charged that the reality TV star received $250,000 to advertise EthereumMax without disclosing she was paid to promote it.

She also agreed not to promote any crypto assets / securities for three years.

This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors.

We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.

– SEC Chair Gary Gensler

The settlement comprised of a $1 million fine, seizure of the $250,000 payment she received, plus interest, coming up to a total of $1.26 million.

Despite the large sum, the fine will not bother Kim Kardashian too much. With a net worth estimated at $1.8 billion, the $1.26 million fine is roughly equivalent to an $85 fine for a typical US family with a net worth of $122,000.

Her lawyers hinted as much in the statement they released :

Ms. Kardashian is pleased to have resolved this matter with the SEC.

Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter.

She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits.

As you can tell – the fine was more like dust in her eyes than a lesson to learn from. I doubt it even feels like a slap on the wrist to her.

 

How Kim Kardashian Got Into Trouble Promoting Crypto…

On June 13, 2021, Kim Kardashian promoted a new cryptocurrency called EthereumMax (not to be confused with the famous and more established Ethereum) on Instagram.

Are you guys into crypto???? This is not financial advice but sharing what my friends told me about the Ethereum Max token!

A few minutes ago Ethereum Max burned 400 trillion tokens – literally 50% of their admin wallet giving back to the entire E-Max community.

#EMax #DisruptHistory #EthereumMax #WTFEMax #GIOPEmax @EthereumMax #Ad

Swipe up to join the E-Max Community

She had 225 million followers on Instagram at that time, and EthereumMax paid her $250,000 for that post.

Despite the misleadingly similar name, EthereumMax has no legal, business or technical connection to the Ethereum cryptocurrency. One could be forgiven for thinking that they were trying to mislead people into thinking that they are the same – they are not!

In January 2022, Kim Kardashian, boxer Floyd Mayweather Jr, basketball player Paul Pierce and the creators of EthereumMax were sued by investors who alleged that the celebrities collaborated to “misleadingly promote and sell” the cryptocurrency in a “pump and dump” scheme.

In plain terms, EthereumMax’s entire business model relies on using constant marketing and promotional activities, often from ‘trusted’ celebrities, to dupe potential investors into trusting the financial opportunities.

The class action lawsuit filing pointed out that such promotion caused EthereumMax to increase more than 1,300% in value (the pump) before plummeting to “an all-time low” just over a month after Kim Kardashian promoted it.

It alleged that this enabled the defendants to sell EthereumMax tokens for “substantial profits” (the dump) before the inevitable crash in value.

It is unknown how many investors were hurt, but after the initial celebrity-fuelled surge, EthereumMax quickly tanked and never recovered.

This is another lesson in why you should not take investment advice from celebrities, especially when they are only famous for … being infamous?

 

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Putin Signs Law Banning Crypto Payments In Russia!

Russian President Vladimir Putin just signed into law a national ban on crypto payments in Russia!

Find out what’s going on, and what it means for cryptocurrencies in Russia!

 

Putin Signs Law Banning Crypto Payments In Russia!

On July 16, 2022, Russian President Vladimir Putin just signed into law a national ban on crypto payments in Russia.

This move comes after the Central Bank of Russia proposed an outright ban on using cryptocurrencies for payments or investments.

This ban does not go so far – it only bans payments using cryptocurrencies, while allowing people to continue investing in cryptocurrencies like Bitcoin and Ethereal, as well as digital assets like NFTs.

The new Russian law, as translated by Google, states that :

It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws.

While it prohibits individuals and companies from paying for, and receiving, cryptocurrencies for goods and services, it allows the Russian government to use cryptocurrencies.

It also does not prohibit investing in cryptocurrencies or digital assets like NFT, leaving that open for now.

Read more : Bill Gates Mocks Crypto + NFTs As Assets For Fools!

 

Partial Crypto Ban Reflects A Russia In Quandary

This partial ban on cryptocurrency reflects Russia’s precarious financial situation after invading Ukraine on February 24, 2022.

The Russian government had, prior to that, been skeptical, if not hostile, about cryptocurrency. But US and European sanctions are forcing them to hold back.

The lower house of the Federal Assembly of Russia, for example, just approved a draft bill on June 28 that would exempt cryptocurrency issuers from the Value Added Tax (VAT).

If passed by the upper house and signed into law by Putin, the lower house bill would also lower tax rates on income earned from selling cryptocurrencies – falling from 20% to just 13% for Russian companies, and 15% for foreign companies.

More recently, the Head of Russia’s Financial Policy Department even suggested that Russia could use cryptocurrencies to settle international payments.

Even Putin himself said that Russia had “certain competitive advantages” including a “surplus of electricity and well-trained personnel” to participate in crypto-mining, even though he is against using cryptocurrencies domestically.

If the Russian government chooses this path, it would be considered hypocritical in light of this ban on crypto payments in Russia. Cryptocurrencies are bad for the people, but good for the Russian government.

 

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Bitcoin Rebounds Above $20K, Ether Shoots Over $1,100!

Bitcoin rebounded above $20,000 while Ether shot over $1,100, after experiencing record lows! Here is what you need to know…

 

Bitcoin Rebounds Above $20K, Ether Shoots Over $1,100!

After a terrible week, cryptocurrencies are getting a big respite with Bitcoin rebounding above $20,000. and ether shooting over $1,100!

Last Saturday, Bitcoin crashed through the $20,000 line, and smashed right through the $19,000 and $18,000 support lines. It hit a record low of $17,663.80, wiping out 12% of value in less than a day.

The $20,000 mark was psychologically-important because Bitcoin first hit it in December 2020. It was also the peak of its last bull run, when it hit a high of $19,834 in December 2017. Bitcoin had, for the first time, fallen below the peak of its prior bull run.

But it gradually recovered over Sunday, and actually rose above the $20,000 mark at 7 PM. After a short sell-off early Monday morning, it recovered to above $20,000.

Ether had a terrible Saturday too, falling from $1,069.70 to just $903.23 – wiping out 15.6% of its value in less than 24 hours!

But it recovered quickly, breaching $1,000 by Sunday morning, and then the $1,100 mark by Sunday evening.

Like Bitcoin, Ether saw a sell-off on Monday morning, but it recovered again and stayed above $1,100

 

Bitcoin + Ether Rally May Be Shortlived

Cryptocurrency investors and traders are sure to be relieved by the rally, which kept both Bitcoin and Ether above those psychologically critical $20,000 and $1,000 price levels, even though they had already breached them two days ago.

The rally seems to be fuelled by investors and traders looking to buy cheap coins. Both Bitcoin and Ether were over 70% and over 80% below their all-time highs of $68,990.90 and $4,865.57 respectively.

However, the Bitcoin rally seemed rather weak – it was vacillating around the $20,000 mark, unable to push above $21,000. Ether did better, staying above $1,000 and rising above $1,100 on Sunday and Monday.

It seems likely that this rally will be short-lived, and could be a short respite before a larger sell-off.

As inflation remains red hot, with rapidly rising interest rates amidst recession fears, there is significant pressure to sell risky cryptocurrencies.

Even though both cryptocurrencies are holding steady right now, be prepared for more sell-offs that could trigger a vicious cycle of forced selling and falling prices.

The 2022 Crypto Winter may have been delayed, and spring isn’t coming soon.

 

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He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

 

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Crypto Prices Tank : Bitcoin Below $19K, Ethereum Below $1K!

Cryptocurrency prices continue to tank, with Bitcoin dipping below $19,000 and Ethereal sliding below $1,000!

Here is what you need to know…

 

Crypto Prices Tank : Bitcoin Below $19K, Ethereum Below $1K!

The week is ending on a bad note for cryptocurrencies, as prices continued to tank.

On early Saturday morning, Bitcoin crashed through the $20,000 line, and smashed right through the $19,000 line, trimming 7.4% of its value in less than 1.5 hours!

The $20,000 mark was psychologically-important because Bitcoin first hit it in December 2020. It was also the peak of its last bull run, when it hit a high of $19,834 in December 2017.

Bitcoin has, for the first time, fallen below the peak of its prior bull run; which may well spook traders, if not the HODLers.

It hit the bottom (so far) of $18,811.40 at 8:20 AM, before recovering slightly to hover around the $19,000 to $19,500 range.

Ethereum did even worse, falling from $1,069.70 to just $977.37 – wiping out 8.6% of its value in less than 2 hours!

It recovered, but hovered under $1,000 for most of the day, before dipping to another low of $978.91 at 4:50 PM.

Ethereal first hit $1,000 in January 2018, and never dropped below $1,000 after January 2021.

 

Will Bitcoin, Ethereum Prices Continue To Tank?

Bitcoin and Ethereum are now trading almost 60% lower, compared to last year; and Bitcoin is down over 72% from its all-time high of $68,990.90.

While many HODLers and crypto traders are hoping that this is the bottom, this may only be a short respite before a larger sell-off.

Investors may be forced to liquidate their positions after these psychological lines were breached, possibly triggering a vicious cycle of forced selling and falling prices.

As inflation remains red hot, with rapidly rising interest rates amidst recession fears, there is significant pressure to sell risky cryptocurrencies.

So look forward to more sell-offs, and both Bitcoin and Ethereum breaching more resistance levels. The 2022 Crypto Winter may well be here…

 

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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

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PS4 Consoles Now Used To Mine Cryptocurrency?

Is it possible that cryptocurrency miners are now using Sony PS4 consoles to mine Bitcoin or Ethereum?

Take a look at the viral photo, and tell us what you think!

Read more : Ukrainian Crypto-Mine With 3,800 PS4 Consoles Raided!

 

PS4 Consoles Now Used To Mine Cryptocurrency?

Cryptocurrency miners have turned the gaming world upside down, buying up graphics cards and even gaming laptops in bulk. As long as it has a GPU, they are snatching it up!

But their demand for more computing power does not seem to be sated, and it appears that they may have turned their attention to PS4 consoles!

Take a look at this viral photo of a very ghetto-looking mining rig made up of sixteen PS4 Slim consoles.

 

How Much Money Can This PS4 Mining Rig Make?

We have no idea if it’s actually running, or just a work in progress though, because we never heard of anyone actually mining cryptocurrency on the PS4.

The PS4 and PS4 Slim use a custom AMD Radeon 7970M GPU, with 18 compute units and 8 GB of GDDR5 memory with 176 GB/s of memory bandwidth.

It is roughly 20% slower than the AMD Radeon 7970M mobile GPU, but cryptomining is less about processing power, and memory bandwidth.

So let’s just call PS4 Slim equivalent to the  Radeon 7970M for mining purposes, which delivers a hash rate of about 8.35 H/s.

Each PS4 console would be fast enough to generate 0.00013896 BTC worth US$7.62 per month.

And that 16-console PS4 mining rig above would generate about 0.00222336 BTC worth US$121.92 per month.

Even if they are stealing electricity, that’s really not a lot of profit, to be honest…

 

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This RTX Laptop Mining Farm Could Make $3.5 Million / Year!

Take a look at this crypto-mining farm that could make $3.5 million a year using just 900 NVIDIA GeForce RTX 3060 gaming laptops!

 

Hundreds Of RTX Laptops Used In Crypto Mining Farms!

Not only gamers are affected by the limited supply of graphics cards in the market. So are cryptominers!

Chinese cryptominers now have to resort to buying up whatever GeForce RTX gaming laptops they can find, literally hundreds of them!

Instead of ASIC miners or GPU mining rigs, they are now powering their cryptomining operations with RTX gaming laptops!

We earlier highlighted the new trend of using RTX gaming laptops to mine cryptocurrency. It looks as this is more extensive that we first thought.

A Weibo blogger called 神鱼BTCer just shared even more pictures of RTX laptop-based mining operations, big and small.

Many appear to be pretty ghetto, placing the laptops in a kind of “tent mode” for better cooling, wherever there’s space – on tables, chairs or the floor.

But he also showed a seriously big crypto-mining farm being built using these GeForce RTX 30-series gaming laptops.

He even shared a short clip (part of the video we posted above), showing the cryptocurrency mining farm partially operational, with more being set-up.

There are 10 laptops per shelf, with each shelving unit capable of accommodating 60 laptops.

While not particularly large, this cryptocurrency mining farm has at least 15 visible shelving units, so that’s a total of 900 RTX gaming laptops when it’s fully operational.

Currently, it’s only partially complete, with about 200 or so laptops running, with many boxes of laptops left to open and setup.

 

How Much Money Can This RTX Laptop Mining Farm Make?

We had earlier shared about how a Bilibili content creator used an RTX 3060 laptop to mine 0.00053009 ETH while she sipped her coffee at Starbucks for 2 hours.

Based on her experience, we can guesstimate that the average GeForce RTX 3060 laptop will be able to produce :

  • 0.000265045 ETH per hour
  • 0.00636108 ETH per day
  • 0.1908324 ETH per month (30 days)
  • 2.3217942 ETH per year

Chinese electricity costs about RMB 0.545 (US$0.084) per kWh. Assuming each laptop uses about 250 watts of power (including whatever external fans they may be using), that works out to about RMB 1,200 or US$186 per year.

As of 11 February 2021, Ethereum is priced at US$1740. So here’s roughly how much this cryptocurrency mining farm would make, at that price :

  • 100 laptops : $385,392 per year
  • 200 laptops : $770,784 per year
  • 300 laptops : $1,156,177 per year
  • 400 laptops : $1,541,569 per year
  • 500 laptops : $1,926,961 per year
  • 600 laptops : $2,312,353 per year
  • 700 laptops : $2,697,745 per year
  • 800 laptops : $3,083,138 per year
  • 900 laptops : $3,468,530 per year

So there you have it – this small cryptocurrency mining operation can potentially make almost US$ 3.5 million in a single year.

But what’s the ROI, you say?

The Chinese OEM, Hasee, offers a GeForce RTX 3060 gaming laptop with a starting price of just RMB 6,499 (approximately RM4,089 / US$1,005 / £732 / A$1,309 / S$1,340).

And the video shows that this mining operation is using the same, or similar, Hasee RTX gaming laptops.

Let’s say they paid a 20% scalper’s premium, and purchased all 900 Hasee RTX 3060 laptops for a cool US$1,085,400.

Let’s further round that up to US$1.1 million for miscellaneous costs – shelving units, lights, fans, etc. including US$500 per month for rental.

Based on those assumptions, their net profit for the 900-laptop mining farm would be US$2,368,530 per year, at current prices.

That’s an incredibly high ROI of 17.9% per month, which is 67% higher ROI than the 78-card GeForce RTX 3080 mining rig!

After recovering the cost of the entire mining farm ($1.1 million) in just over 3 months, everything else they make after that is pure profit (after deducting rental and electricity costs), unless they are stealing the electricity!

With such great ROI, you can count on cryptocurrency miners to buy up ALL the GeForce RTX 30 series laptops they can get their hands on!

 

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GeForce RTX 3060 Laptop Mining : Over 30% ROI?!

Here is the new craze in cryptocurrency mining – GeForce RTX 3060 laptop mining rigs!

Take a look at new laptop mining rigs in China, and find out how much they can make!

 

GeForce RTX 3060 Laptop Mining : The New Craze!

Supplies of desktop graphics cards are low, and prices are sky-high, and here’s more bad news – miners are coming for the laptops too!

A Weibo blogger called 神鱼BTCer just shared photos of different GeForce RTX 30 series laptop mining rigs!

BTCer claims they are all “home-based”, but we have no idea whether they are his, or from different cryptocurrency mining operations.

But in a response to a question, he said that the best way to keep them cool is by putting them in a sort of “tent mode”.

This picture shows four stacks of GeForce RTX 3060 laptops made by Chinese OEM Hasee, powered on (you can see the green light).

Hasee offers a GeForce RTX 3060 gaming laptop that has a starting price of just RMB 6,499 (approximately RM4,089 / US$1,005 / £732 / A$1,309 / S$1,340).

These twenty Hasee GeForce RTX 30 series gaming laptops would cost just over US$20,000.

This seems like a waste of power – leaving their displays turned on. But leaving the display up would definitely improve cooling.

 

How Much Money Can RTX 3060 Laptop Mining Rigs Make?

A Bilibili content creator Fish Pond f2pool demonstrated how fast someone with a GeForce RTX 3060 laptop can “mine” cryptocurrency.

She plugged in her GeForce RTX 3060 laptop into a power socket at Starbucks, and mined 0.00053009 ETH over 2 hours while she sipped her coffee.

On 5 February 2021, Ethereum closed at US$1,680.497, so she mined enough during her coffee break to make US$0.89 or RMB 5.76.

Not quite enough to pay for her coffee (about RMB 28), but at least the electricity is FREE!

Based on her experience, we can guesstimate that the average GeForce RTX 3060 laptop will be able to produce :

  • 0.000265045 ETH per hour
  • 0.00636108 ETH per day
  • 0.1908324 ETH per month (30 days)
  • 2.3217942 ETH per year

So that mining rig with 20 Hasee laptops you saw up there could make, at current prices, about :

  • $8.908 per hour
  • $213.80 per day
  • $6,413.87 per month (30 days)
  • $78,035 per year

Chinese electricity costs about RMB 0.545 (US$0.084) per kWh.

Assuming each laptop uses about 250 watts of power (including whatever external fans he may have), that works out to about US$3,679.20 per year.

So his net profit for the 20-laptop mining rig would be US$74,356 per year, at current prices.

That’s an incredible ROI of 30.8% per month, which means he will recover the cost of the entire rig ($20,100) in just under 3.5 months!

This is actually 2.9X higher ROI than the 78-card GeForce RTX 3080 mining rig!

With such great ROI, you can count on cryptocurrency miners to buy up hoards of GeForce RTX 30 series laptops!

 

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78-Card GeForce RTX 3080 Mining Rig Powered Up!

The mega crypto-mining rig, built using 78 GeForce RTX 3080 graphics cards, has powered up!

Check it out, and find out why crypto-miners are buying graphics cards by the pallets!

 

78-Card GeForce RTX 3080 Mining Rig Almost Operational!

You may have seen Simon Byrne’s crypto-mining rig, that uses 78 GeForce RTX 3080 graphics cards arranged in an array of 13 x 6 cards.

That 78-card RTX 3080 mining rig, which he calls Bertha 2, is almost operational. And he’s keeping it cool with 120 fans, with RGB, of course! It is said – RGB makes thing go faster? 😉

In this picture, you can see most of the GeForce RTX 3080 graphics cards powered up. When fully operational, it should deliver 6.5 gigahashes per second!

In case you are wondering what Berta – his first-generation mining rig – looks like, here is a photo he shared :

He created Bertha 1 using 130 Zotac GeForce RTX 1080 Ti graphics cards, in January 2018 – 3 years ago!

 

How Much Money Can This RTX 3080 Crypto Mining Rig Make?

Just how much money can Simon make from this crypto-mining rig?

Officially, RTX 3080 cards start at $699, but due to the shortage of cards, they are now selling for about $1,199 each.

So the cards in this rig alone would cost approximately $93,522. Let’s call it a flat $100,000 for the whole rig, plus power supplies.

The average commercial electricity rate in Las Vegas (where he’s based) is 8.43 cents per kWh. So electricity should cost about $1444 per month. Let’s make that $2166 per month (+50%) to account for cooling costs.

Each GeForce RTX 3080 has a hash rate of 83.57 MH/s using the Ethash (Phoenix) algorithm, which should generate approximately 0.22236870 ETH worth US$165 every month.

So the total rig of 78 cards should generate 17.3447586 ETH worth $12,840 per month. Deducting electricity costs, that’s a net profit of $10,674 per month or $128,088 per year!

That’s an incredible ROI of 10.7% per month, which means he recovers the cost of the entire rig in just under 9.5 months.

No wonder crypto miners are buying up graphics cards by the pallets… at the expense of PC gamers all around the world!

Simon assured gamers that he doesn’t buy his cards from the regular retail supply chain. However, the large-scale purchase of graphics cards for crypto-mining is a major cause of graphics card shortage across the world.

 

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12-Card GeForce RTX 3090 Gigahash Mining Rig!

Take a look at this crypto-mining rig that uses just a dozen GeForce RTX 3090 graphics cards to generate over a gigahash per second!

Find out how much he stands to make from this mining rig!

 

12-Card GeForce RTX 3090 Gigahash Mining Rig!

It seems easy for crypto-miners to get hold of the GeForce RTX 3090 graphics card in bulk.

A crypto-miner is building a compact mining rig that uses just a dozen GeForce RTX 3090 graphics cards to generate over a gigahash per second!

Guntis Vitolins, who recently lost 500 graphics cards in a fire, is using a dozen INNO3D GeForce RTX 3090 graphics cards, powered by four EVGA SuperNOVA G3 1000 watt power supplies.

 

How Much Money Can This RTX 3090 Crypto Mining Rig Make?

Just how much money can Guntis make from this crypto-mining rig?

Officially, RTX 3090 cards start at US$1,499, but due to the shortage of cards, they are now selling for about US$2,450 each. The EVGA SuperNOVA G3 1000 PSU each cost US$309.

So the twelve cards would cost approximately US$29,400, while the four EVGA PSUs would cost US$1,236. Let’s call it a flat US$31,000 for the whole rig.

The average commercial electricity rate in Ireland (where he’s based) is about €0.2413 per kWh. So electricity should cost about €800 or US$965 per month. Let’s make that US$1450 per month (+50%) to account for cooling costs.

Each GeForce RTX 3090 has a hash rate of 104.48 MH/s using the Ethash (Phoenix) algorithm, which should generate approximately 0.23401064 ETH worth US$312.53 every month.

So the total rig of 12 cards should generate 2.80812768 ETH worth US$3,750 per month. Deducting electricity costs, that’s a net profit of $2,300 per month or $27,600 per year!

That’s a high ROI of 7.4% per month, which means he recovers the cost of the entire rig in about 13.5 months.

This is about 31% lower ROI than the 78-card mining rig that uses the much cheaper GeForce RTX 3080, which pays for itself in just 9.5 months!

No wonder crypto miners are buying up graphics cards by the pallets… at the expense of PC gamers all around the world!

 

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500 Radeon RX 5700 Cards Destroyed In Fire!

500 brand new AMD Radeon RX 5700 graphics cards meant for crypto-currency mining just burned up in a fire!

 

500 Radeon RX 5700 Cards Destroyed In Fire!

On 27 January 2021, Guntis Vitolins shared pictures of 500 Radeon RX 5700 graphics cards that were just destroyed in a fire.

This is how looks 500x RX 5700 burned $eth

 

RX 5700 Fire Started In Welding Accident!

But here is where it takes a strange twist. It was not an actual “mining accident”, as we might expect.

A welding accident apparently started the fire at this warehouse, where he was building his mining rigs.

Some 500 of his Radeon RX 5700 graphics cards – all brand new, in boxes – were destroyed in the fire, and firefighting operation.

Fortunately for him, his mining rigs survived, and just needed to dry out from the water.

Another crypto-miner estimated that the 500 destroyed Radeon RX 5700 cards would cost about US$300,000.

But you would be hard-pressed to find 500 of these cards on Amazon!

 

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Crypto Mining Rig With 78 GeForce RTX 3080 Cards!

Take a look at this crypto-mining rig powered by 78 GeForce RTX 3080 graphics cards, and find out why crypto miners are buying graphics cards by the pallets!

 

Crypto Mining Rig With 78 GeForce RTX 3080 Cards!

Can’t find an affordable GeForce RTX 3080 graphics card? That’s because crypto-mining is one of the reasons why there is a shortage of graphics cards worldwide.

Here is a crypto-mining rig being built by Simon Byrne, using the 78 GeForce RTX 3080 graphics cards arranged in an array of 13 x 6 cards.

With a power consumption of 300 watts per card, that’s crypto-mining rig would require at least 23.4 kilowatts of power to run, and a lot of air-conditioning to keep them cool!

Update : This GeForce RTX 3080 mining rig is almost operational!

 

How Much Money Can This RTX 3080 Crypto Mining Rig Make?

Just how much money can Simon make from this crypto-mining rig?

Officially, RTX 3080 cards start at $699, but due to the shortage of cards, they are now selling for about $1,199 each.

So the cards in this rig alone would cost approximately $93,522. Let’s call it a flat $100,000 for the whole rig, plus power supplies.

The average commercial electricity rate in Las Vegas (where he’s based) is 8.43 cents per kWh. So electricity should cost about $1444 per month. Let’s make that $2166 per month (+50%) to account for cooling costs.

Each GeForce RTX 3080 has a hash rate of 83.57 MH/s using the Ethash (Phoenix) algorithm, which should generate approximately 0.22236870 ETH worth US$165 every month.

So the total rig of 78 cards should generate 17.3447586 ETH worth $12,840 per month. Deducting electricity costs, that’s a net profit of $10,674 per month or $128,088 per year!

That’s an incredible ROI of 10.7% per month, which means he recovers the cost of the entire rig in just under 9.5 months.

No wonder crypto miners are buying up graphics cards by the pallets… at the expense of PC gamers all around the world!

 

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